The days go by, and no two days are ever quite alike. While it was trading at around $33,000 yesterday on 12th July, today, on 13th July 2021, Bitcoin (BTC) is worth approximately $32,349. That’s a loss of 1.01%, which is enough to induce panic in those who believed this week would be positive for the parent crypto.
Bitcoin is struggling to break out of the comfort zone it has locked itself into since the start of the month. It remains to this day, 13th July 2021, unable to exit the range between $36,000 and $32,000.
The first half of July 2021 hasn’t been too pleasant for Bitcoin so far. However, some signs seem to prove that huge changes are just around the corner. Besides, didn’t trader Michael van de Poppe predict that BTC would cross the $38,000 mark this week? Well, it remains to be seen.
Maybe in two to five days BTC will get back onto a bullish trend. However, its July trajectory doesn’t look very promising. The past two weeks saw a steady rise that surpassed the $33,000 mark. Then, after touching $34,676, the coin came back down. After going down to a significant level of $34,000, it continued falling, breaking the support at $33,000 to end up around $32,349.
When you pay closer attention to the trading volume, things don’t look very exciting either. So far the volume has remained low, decreasing over the past two weeks. While this may be enough to discourage some traders, for others it is a sign that something positive is on the horizon. It’s hard to tell what that is exactly though, as the calm before the storm can herald either an uptrend, or a downtrend. However, in this case, the continuation of the downtrend is more likely.
Everyone wants to be positive and see the light at the end of the tunnel for Bitcoin. However, if BTC fails to successfully break through the $33,500 and $34,000 levels, the situation is unlikely to improve. Wherever the original crypto decided to go, if the move is strong enough, the rest of the market will find itself in turmoil as a result.
The first major support is near $32,500, analysts say. They estimate that if BTC goes all the way down to $32,200, it could easily slide further to $30,000.
Bitcoin is at an impasse. After rising slightly on 12th July, it registered a small drop of 1.01% on 13th July and is trading at $32,349. Experts believe that if the downtrend continues, the value of BTC could very quickly approach $30,000. Nonetheless, there is hope. According to Konstantin Anissimov, the executive director of CEX.IO, “Bitcoin and Ethereum (ETH) […] are likely to retest the price levels of $45,000 and $3000 respectively.”
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
|BITCOIN (BTCUSD) ₿||$57,130.27||-0.21%|
|ETHEREUM (ETHUSD) Ξ||$4,579.54||-0.18%|
|IMM. US (REIT)||$2,664.26||-1.52%|
Receive the latest and best crypto news directly to your inbox